Relative Uncertainty Aversion and Additively Representable Set Rankings
AbstractThis paper proposes a definition of relative uncertainty aversion for decision models under complete uncertainty. It is shown that, for a large class of decision rules characterized by a set of plausible axioms, the new criterion yields a complete ranking of those rules with respect to the relative degree of uncertainty aversion they represent. In addition, we address a combinatorial question that arises in this context, and we examine conditions for the additive representability of our rules.
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Bibliographic InfoPaper provided by Centre interuniversitaire de recherche en économie quantitative, CIREQ in its series Cahiers de recherche with number 16-2004.
Length: 23 pages
Date of creation: 2004
Date of revision:
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choice under complete uncertainty; uncertainty aversion; additive representability;
Other versions of this item:
- Walter Bossert & Arkadii Slinko, 2006. "Relative uncertainty aversion and additively representable set rankings," International Journal of Economic Theory, The International Society for Economic Theory, vol. 2(2), pages 105-122.
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Barbera, S. & Bossert, W. & Pattanaik, P.K., 2001.
"Ranking Sets of Objects,"
Cahiers de recherche
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Theory and Decision,
Springer, vol. 64(2), pages 147-171, March.
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- Murat Sertel & Arkadii Slinko, 2007.
"Ranking committees, income streams or multisets,"
Springer, vol. 30(2), pages 265-287, February.
- Itzhak Gilboa & Nicolas Vieille & Hervé Crès, 2011.
"Aggregation of multiple prior opinions,"
Sciences Po publications
info:hdl:2441/eu4vqp9ompq, Sciences Po.
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